Governor Culver: More Than $181.6 Million in Housing Awards Spur Nearly 1,600 Affordable Housing Units

Federal Housing Tax Credits and Community Development Block Grant funds boost affordable housing in 22 communities and support disaster recovery

DES MOINES, IA – September 1, 2010 – (RealEstateRama) — Governor Chet Culver today announced awards of more than $181.6 million to build or rehabilitate 1,597 units of affordable housing. The awards were granted from the federal Low-Income Housing Tax Credit program (LIHTC) and Community Development Block Grant (CDBG) program.

“Affordable housing is a vital component of the local and state economy,” Culver said. “The awards announced today showcase the strong network of resources that is continuing to build better and stronger Iowa communities. I’m proud that these new construction and rehabilitation projects will offer work in the 22 respective communities and ultimately provide nearly 1,600 Iowans with a safe and affordable housing unit that they can be proud to call home.”

Annually, the Internal Revenue Service makes a per capita allocation of federal tax credits to each state as part of the Low-Income Housing Tax Credit program. The Iowa Finance Authority (IFA) is charged with allocating those credits to developers of affordable housing in Iowa. In 2010, IFA has more than $310 million to allocate. This total includes a combination of “per capita” credits and a special allocation of Disaster Tax Credits, intended to help the state recover from the natural disasters of 2008. Developers who receive tax credits sell them to investors to generate equity for the housing developments. The tax credits provide a dollar-for-dollar reduction to the investor’s federal tax liability on ordinary income.

Today’s housing tax credit awards approved by the IFA Board of Directors total more than $16 million. The actual awards exceed $160.7 million because the credits are committed annually for a 10-year period.

The Iowa Department of Economic Development (IDED) also provided $20.9 million in CDBG awards to support disaster recovery efforts. These awards are a part of a $516.7 million CDBG action plan to support the housing needs of those affected by the floods of 2008. The plan was approved by the U.S. Department of Housing and Urban Development and announced by the Governor in October of 2009.The Iowa Department of Economic Development administers the CDBG program in Iowa.

These projects were recently awarded LIHTC and CDBG awards:

Afton Park Apartments, Creston Park Apartments, Afton
910 N. Clayton
38 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: $567,000
LIHTC award: $232,378
Ownership entity: RD CG, LLLP
Developer:  National Affordable Housing Foundation: 515-225-3500

Cedarbrooke Place Apartments, Norwalk
2503 Cedar Street
60 affordable housing units for families
New construction
CDBG award: $1,629,771
LIHTC award: $937,684
Ownership entity: Cedarbrooke Place Apartments I, LLLP
Developer: Hubbell Realty Company: 515-243-3228

Cedar Village, Cedar Rapids
193 Jacolyn Drive NW
48 affordable housing units for older persons 62+
Acquisition/Rehabilitation
CDBG award: N/A
LIHTC award: $190,692
Ownership entity: Cedar Village Senior Housing, LLC
Developer: Domus Corporation: 608-833-0075

Cottages at Johnston Commons, Johnston
Address TBD
31 affordable housing units for older persons 55+
New construction
CDBG award: $1,022,532
LIHTC award: $588,988
Ownership entity: CAJC Cottages, LLLP
Developer: Hubbell Realty Company: 515-243-3228

Coral Village, Coralville
1799 Fifth Street
57 affordable housing units for older persons 62+
Acquisition/Rehabilitation
CDBG award: N/A
LIHTC award: $236,193
Ownership entity: Coral Village Senior Housing, LLC
Developer: Dormus Corporation: 608-833-0075

East Des Moines Rehab, Des Moines
1415 Des Moines Street
60 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: $2,440,043
LIHTC award: $657,282
Ownership entity: East Des Moines Refi, LLLP
Developer:  CommonBond Communities: 651-290-6213

Evans Village, Evansdale
210 South Evans Road
48 affordable housing units for older persons 62+
Acquisition/Rehabilitation
CDBG award: N/A
LIHTC award: $195,270
Ownership entity: Evans Village Senior Housing, LLC
Developer: Domus Corporation: 608-833-0075

Fairfield Park I and II Apartments, Fairfield
904 W. Harrison St.
45 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: N/A
LIHTC award: $160,579
Ownership entity: Fairfield Park I and II, LLLP
Developer: National Affordable Housing Foundation: 515-225-3500

Fenway Manor, Des Moines
1640 E. Hull Street
119 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: $600,000
LIHTC award: $905,510
Ownership entity: Des Moines Leased Housing Associates IX,  LP
Developer: Des Moines Leased Housing Development IX, LLC:  763-354-5500

Greenway of Burlington, Burlington
2312 Valley Street Office
134 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: $3,000,000
LIHTC award: $1,576,519
Ownership entity: Greenway of Burlington Associates LP
Developer: Newbury Management Company: 515-698-9700

Grimes Park II Apartments, Norwalk Park II Apartments, Grimes
155 S. Maplewood
40 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: N/A
LIHTC award: $228,496
Ownership entity: RD GN, LLLP
Developer: National Affordable Housing Foundation: 515-225-3500

Good Life Retirement Center, Norwalk
1313 Wright Road
56 affordable housing units for persons 62+
Acquisition/Rehabilitation
CDBG award: $672,000
LIHTC award: $200,228
Ownership entity: RD Norwalk, LLLP
Developer: Midwest Development Opportunities:  913-492-7800

Lancaster Place, Des Moines
2201 E. Park Avenue
71 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: $550,000
LIHTC award: $560,131
Ownership entity: Des Moines Leased Housing Associates VII, LP
Developer: Des Moines Developer VII, LLC: 763-354-5634

Marion Manor I, Iowa Falls
224 Marion Dr.
24 affordable housing units for older persons 62+
Rehabilitation
CDBG award: $204,000
LIHTC award: $92,127
Ownership entity: Marion Manor Company LTD
Developer: David Hill: 515-480-3644

Marion Manor II, Iowa Falls
1228 N. Fremont
16 affordable housing units for families
Rehabilitation
CDBG award: $224,000
LIHTC award: $74,203
Ownership entity: Marion Manor Company, LTD
Developer: David Hill: 515-480-3644

Meadow Vista Parkside, Altoona
59 affordable housing units for families
New construction
CDBG award: $2,400,320
LIHTC award: $1,363,482
Ownership entity: Meadow Vista Parkside, LLC
Developer: MV Residential Development LLC: 513-588-1000

Mount Pleasant Park Apartments, Mount Pleasant
1202 N. Palm Ave.
24 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: $288,000
LIHTC award: $139,320
Ownership entity: RD Mount Pleasant, LLLP
Developer:  National Affordable Housing Foundation: 515-225-3500

Nevada Elderly Apartments, Nevada
833 S.133 Street
24 affordable housing units for older persons 62+
Acquisition/Rehabilitation
CDBG award: $312,000
LIHTC award: $119,303
Ownership entity: RD Nevada, LLLP
Developer: Midwest Development Opportunities:  913-492-7800

Oak Village, Marion
101 South 11th Street
46 affordable housing units for older persons 62+
Acquisition/Rehabilitation
CDBG award:  N/A
LIHTC award: $193,437
Ownership entity: Oak Village Senior Housing, LLC
Developer: Domus Corporation: 608-833-0075

Prairie Village of Adel, Adel
600 S. 12th Street
23 affordable housing units for older persons 62+
Acquisition/Rehabilitation
CDBG award: $375,000
LIHTC award: $114,367
Ownership entity: RD Adel, LLLP
Developer: Midwest Development Opportunities:  913-492-7800

Riverpoint Lofts, Des Moines
309 SW 8th Street
91 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: $3,000,000
LIHTC award: $1,458,617
Ownership entity: Riverpoint Lofts, LLLP
Developer: Hubbell Realty Company: 515-243-3228

Russell Lamson, Waterloo
209 W. 5th Street
90 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: N/A
LIHTC award: $1,117,124
Ownership entity: SA Russell Lamson LP
Developer: Sherman Associates Development, LLC:  612-332-3000

Sargent Park, Des Moines
3604 E. Douglas Ave.
95 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: N/A
LIHTC award: $731,035
Ownership entity: Des Moines Leased Housing Associates X,  LP
Developer: Des Moines Leased Housing Development IX LLC:  763-354-5634

Southridge, Des Moines
1264 Cummins Road
59 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: $450,000
LIHTC award: $483,052
Ownership entity: Des Moines Leased Housing Associates VII, LP
Developer: Des Moines Developer VIII LLC: 763-354-5634

State Center Park Apartments, State Center
701 2nd Street NW
24 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: $360,000
LIHTC award: $160,089
Ownership entity: RD State Center, LLLP
Developer:  National Affordable Housing Foundation: 515-225-3500

Suncrest Village, Newton
1800 S. 4th Ave. E. Office
59 affordable housing units for older persons 62+
Acquisition/Rehabilitation
CDBG award: $1,540,102
LIHTC award: $560,689
Ownership entity: Suncrest Village Associates, LP
Developer:  Newbury Management Company, Inc.: 515-698-9700

Thunder Ridge Senior Apartments, Cedar Falls
212 N. Magnolia Dr.
42 affordable housing units for older persons 62+
New construction
CDBG award: $960,000
LIHTC award: $674,533
Ownership entity: Thunder Ridge Senior Apartments, LLC
Developer: Midwest Development Opportunities:  913-492-7800

Village Park (Indian Head) Apartments, Toledo
1015 S. Prospect Dr.
24 affordable housing units for families
Acquisition/Rehabilitation
CDBG award: $324,000
LIHTC award: $155,624
Ownership entity: RD Toledo, LLLP
Developer:  National Affordable Housing Foundation: 515-225-3500

Waukee Family Housing, Waukee
455 SE Brick Drive
90 affordable housing units for families
New construction
CDBG award: N/A
LIHTC award: $1,968,063
Ownership entity: JNB Family Waukee, LP
Developer: Jim Bergman: 563-441-6123